You've probably heard about the new guy in town, Bitcoin. But just like any new stranger, you have a few questions to figure what it's all about. What exactly is Bitcoin? How does it work? How can you get in on the action? Officially created in November of 2008, Bitcoin offered a new way to complete electronic transactions. In the most basic terms, Bitcoin is a type of currency, and it operates in the same logic as any other type of currency. You trade Bitcoins for a good or service. Simple as that. But just like with any technological advancement, there is more behind the scenes to what Bitcoin is, and exactly how it operates.